CS for SB 1210 - Division of Insurance Agents and Agency Services

• Renames the Division of Insurance Agents and Agency Services to the Division of Insurance Agent and Agency Services.

• Requires each insurance agency location to designate a licensed agent in charge who is accountable for wrongful acts and misconduct of agency personnel; agency licenses automatically expire after 91 days if no agent in charge is designated following termination of the previous agent.

• Prohibits issuance of new limited customer representative licenses effective October 1, 2014, and converts registered insurance agencies to standard insurance agency licenses effective October 1, 2015.

• Expands service delivery methods for department notifications to include email and electronic delivery in addition to certified mail and personal delivery.

• Creates the definition of "unaffiliated insurance agent" for licensed agents who self-appoint and practice as independent consultants providing insurance analysis and advice for a pre-established fee, prohibited from holding insurer appointments or receiving compensation from insurers.

• Exempts military members, military spouses, and veterans retired within 24 months from insurance agent license application fees.

• Requires insurance agents recommending surrender of annuities or life insurance policies to provide written disclosure of surrender charges, tax consequences, and forfeited benefits before execution.